The CJM Charitable Trust Dated 29 August 1989 (Charity Commission No 802325) ## Accounts for the year ended 30 September 2023 The CJM Charitable Trust Dated 29 August 1989 ## Trustees' Annual Report ## for the year ended 30 September 2023 ## Reference and administrative details |Name of Charity:|The CJM Charitable Trust (Charity No.802325)| |---|---| |Trustees:|Christopher James Marks| ||Timothy John Marks| ||William Robert Marks| ||Rupert Philip Marks| ||Farrer & Co Trust Corporation Limited| ||The present directors of Farrer & Co Trust Corporation are:| ||K N Dunnell| ||S P Shah| ||J H Carleton (Resigned on 5 January 2023)| ||B L A Cove| ||D E Davidson| ||W J A Gordon| ||A M L Hollingshead| ||C A Kirby| ||R Mainwaring-Taylor (Resigned on 28 April 2023)| ||C M McAleavey (Resigned on 30 November 2023)| ||R S McDermott| ||O I G Piper| ||S J Pring| ||J A V Smith (Resigned on 1 October 2024)| ||A A G Turner| ||S S Von Schmidt Auf Altenstadt| ||L R C Horwood| ||S H J MacDonald| ||J C Ridgeway (Appointed on 13 December 2022)| ||N J Pomfret (Appointed on 6 June 2023)| ||C V Fraser (Appointed on 18 January 2024)| |Principal Office Address:|Farrer & Co LLP| ||66 Lincoln's Inn Fields,| ||London, WC2 3LH| |Solicitors:|Farrer & Co LLP (as above)| |Bankers:|Coutts & Co| ||440 Strand| ||London, WC2R 0QS| |Investment Managers:|Sarasin & Partners LLP| ||Juxon House, 100 St Paul's Churchyard| ||London, EC4M 8BU| |Accountants:|Mercer & Hole Trustees Ltd| ||72 London Road| ||St Albans, Hertfordshire| ||AL1 1NS| |Independent Examiner:|Steve Robinson FCA| ||Mercer & Hole LLP| ||72 London Road| ||St Albans, Hertfordshire| ||AL1 1NS| Page 1 The CJM Charitable Trust Dated 29 August 1989 ## Trustees' Annual Report ## for the year ended 30 September 2023 ## Structure, governance and management |Settlor:|Christopher James Marks| |---|---| |Governing Document:|The principal governing document is a trust deed dated 29 August 1989.| ||The trust is a private charitable trust controlled by its trustees.| |Appointment of trustees:|The settlor, Christopher James Marks has the power to appoint trustees.| ||Existing trustees have been drawn from family members, plus a professional| ||Trust Corporation. The lay trustees rely on outside advisors as necessary.| |Management and control:|The settlor and trustee, Christopher James Marks, has control and overall| ||responsibility of the day to day management of the charity.| |Investment Powers:|The trustees have wide investment powers, including power to delegate to| ||professional investment managers and to invest in the name of nominees.| |Risks:|The trustees do not consider that they are exposed to any material risks| ||other than fluctuations in the value of their investment portfolio. They have| ||appointed professional investment managers and review the investment| ||performance on a regular basis.| |Objectives and activities|| |Objectives of the Charity:|The trust was created for the benefit of the following:| ||1) Any body or organisation whose objects are exclusively charitable by the| ||law of England and Wales.| ||2) Any other exclusively charitable purpose.| ||The trustees had power to accumulate income until 29 August 2010.| |Activities:|The trust has a particular emphasis on social development, and on| ||community benefit in Scotland.
The Charity achieves its objectives for the| ||public benefit by making grants to other charitable bodies at the discretion of| ||the trustees, having regard to the public benefit guidance published by the| ||Charity Commission.| ## Achievements and performance Review of activities: Distributions totalling £34,309 were made during the year to a number of beneficiaries. Further details of distributions are shown in note 5 to the accounts. Financial review: Total income was £58,049.48 (2022: £433,280) with expenditure amounting to £40,797.94 (2022: £118,710). Net assets at the end of the year were £2,074,887.97 (2022: £2,002,906). Grant making Policy: The trustees' policy is to make grants as they consider appropriate. Reserves: The trustees had power to accumulate income until 2010, but they have not retained any reserves of accumulated income. They have no requirement to retain reserves for any specific purpose. Page 2 The CJM Charitable Trust Dated 29 August 1989 ## Trustees' Annual Report ## for the year ended 30 September 2023 Investment Policy: The trustees' investment portfolio is managed by Sarasin & Partners and is held in Sarasin Alpha CIF for Endowments a specialist investment fund for charities. The portfolio appreciated by 5.7% during the year, lagging its benchmark, which appreciated by 9.3%. A difficult period for equity and fixed income markets, and with UK CPI inflation at 11% in 2022, the portfolio’s long term objective is currently challenged. The portfolio has, however, outperformed peers over 5 years, annualising 4.5% versus 2.9% (ARC Steady Growth Charity). The portfolio gives the trust’s capital a healthy diversified mix of asset classes, geographies, and currency and the trustees are satisfied that it is an appropriate investment for their level of funds and attitude to risk. Signed: ....................................................... on behalf of the trustees Date: ....................................................... Page 3 ## Independent Examiner’s Report to the Trustees of CJM Charitable Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2023 which are set out on pages 1 to 10. ## Responsibilities and basis of report As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner’s statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Steve Robinson FCA 72 London Road St Albans Herts AL1 1NS Date: Page 4 ## The CJM Charitable Trust Dated 29 August 1989 ## Statement of Financial Activities for the year ended 30 September 2023 |Note
Income and endowments:
Investment income
3
Other income
Other incoming resources
Donation received
Additional endowment received
Expenditure on:
Costs of raising funds
Investment manager's fees
Charitable activities
4
Net income/(expenditure) before net
gains/(losses) on investments
Net gains/(losses) on investments
2
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward|Endowment
Funds
£
-
-
-
-
-
448.44
-
448.44
( 448.44)
54,731.00
54,282.56
1,690,771.66
1,745,054.22|Unrestricted
Funds
£
56,408.00
1,641.48
-
-
58,049.48
-
40,349.50
40,349.50
17,699.98
-
17,699.98
312,133.77
329,833.75
2023|Total
£
56,408.00
1,641.48
-
-
58,049.48
448.44
40,349.50
40,797.94
17,251.54
54,731.00
71,982.54
2,002,905.43
2,074,887.97|Endowment
Funds
£
-
-
-
333,038
333,038
428
-
428
332,610
(232,220)
100,390
1,590,382
1,690,772|Unrestricted
Funds
£
49,924
318
50,000
-
100,242
-
118,282
118,282
( 18,040)
-
( 18,040)
330,174
312,134
2022|Total
£
49,924
318
50,000
333,038| |---|---|---|---|---|---|---| |||||||433,280| |||||||428
118,282| |||||||118,710| |||||||314,570
(232,220)| |||||||82,350
1,920,556| |||||||2,002,906| Page 5 The CJM Charitable Trust Dated 29 August 1989 ## Balance sheet 30 September 2023 |Note
Fixed assets
Listed investments at market value
2
Current assets
Investment managers' accounts
Income tax recoverable on Gift Aid
Bank balance
Liabilities
Creditors: amounts falling due within one year
Loan from Mr CJ Marks
8
Accountants' and independent examiner's charges
Net current assets/(liabilities)
Net assets
Allocation of the charity net assets:
9
The net assets are held for the various funds as follows:-
Expendable endowment
Unrestricted income funds
Total charity funds|£
£
1,964,976.00
37,620.20
75,000.00
45,434.80
158,055.00
31,463.03
16,680.00
48,143.03
109,911.97
2,074,887.97
1,745,054.22
329,833.75
2,074,887.97
2023|2022
£
1,910,245
60,029
75,000
114| |---|---|---| |||135,143| |||31,463
11,020| |||42,483| |||92,660| |||2,002,905| |||1,690,772
312,134| |||2,002,906| Approved by the trustees on ................................. and signed on their behalf by .................................................................Trustee Page 6 The CJM Charitable Trust Dated 29 August 1989 ## Notes to the accounts ## for the year ended 30 September 2023 ## 1. Accounting policies - a) Accounting convention The Charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a ‘true and fair’ view and have therefore necessarily departed from the extant Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014. The accounts are prepared in sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. ## b) Going concern The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts. In future years, the key risks to the Trust are fluctuation in the value of their investment and a fall in investment and a fall in investment income but the trustees have arrangements in place to mitigate those risks by delegating the management of the portfolio to professional managers and regularly reviewing their performance. ## c) Income Dividend income and interest from investment managers are received gross and shown gross. ## d) Investments All investments held are listed on a recognised stock exchange and are included in the accounts at their market value. ## e) Grants payable Grants are included in the accounts when paid. ## f) Governance costs These are the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. The costs will normally include internal and external audit, legal advice for trustees and costs associated with constitutional and statutory requirements e.g. the cost of trustee meetings and preparing statutory accounts. Included within this category are any costs associated with the strategic as opposed to day to day management of the charity's activities. Page 7 The CJM Charitable Trust Dated 29 August 1989 ## Notes to the accounts ## for the year ended 30 September 2023 ## 1. Accounting policies (continued) - g) Foreign exchange Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the Statement of Financial Activities. ## h) Transfers between funds - The trustees transfer funds from expendable endowment to income to fund grants and donations as these are made. ## i) Endowment fund - income Any gifts made to the Charity as additions to the endowment fund will be treated as expendable endowment unless otherwise directed by the donor. ## j) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: - Expenditure on charitable activities includes costs of exhibitions and other educational activities undertaken to further the purposes of the charity - Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## k) Debtors Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered. ## l) Cash and cash equivalents Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## m) Creditors and provisions Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. Page 8 The CJM Charitable Trust Dated 29 August 1989 ## Notes to the accounts for the year ended 30 September 2023 |2.
Fixed asset investment
Market value at 30 September 2022
Additions
Disposals
Net realised investment gains/(losses)
Net unrealised investment gains/(losses)
Market value at 30 September 2023
Historical cost at 30 September 2023|2023
1,910,245.00
-
-
-
54,731.00
1,964,976.00
1,691,717.37|2022
1,812,852
659,432
( 329,819)
( 3,219)
(229,001)| |---|---|---| |||1,910,245| |||1,691,717| The trustees' investment consists of 936,000 units in the Sarasin Endowments Fund, and 808,000 units in the Sarasin Climate Active Endowments Funds. These are collective investment schemes specifically for charities. ## 3. Investment income Investment income of £56,408.00 was received during the year (2022: £49,924). |4.
Charitable activities
2023
Grants and donations (note 5)
34,309.00
Governance costs (below)
6,040.50
40,349.50
2023
Accountants' charges
3,060.00
Independent examiner's charges
2,600.00
Bank charges
380.50
6,040.50
5.
Material Donations
The following donations were made to institutions during the year
2023
Network for Social Change
29,309.00
Manchester and Warrington area Quaker Meeting
-
Ethical Giving
-
Peace Brigaders International
5,000.00
34,309.00
Social Welfare (2)
34,309.00|2022
112,195
6,087| |---|---| ||118,282| ||2022
3,060
2,500
527| ||6,087| ||2022
72,585
5,000
34,610
-| ||112,195| ||112,195| ## 6. Employees The charity had no employees during the period. ## 7. Trustees remuneration and expenses During the period the trustees' remuneration and reimbursed expenses were nil (2022: nil). Page 9 The CJM Charitable Trust Dated 29 August 1989 ## Notes to the accounts ## for the year ended 30 September 2023 ## 8. Transactions with related parties At the year end, a loan of £31,463.03 (2022: £31,463) from Mr CJ Marks, the settlor and trustee of the charitable trust, remained outstanding. ## 9. Analysis of net assets between funds |Fixed assets
Net current assets
Fixed assets
Net current assets
2022
2023|Endowment
Funds
£
1,964,976.00
(219,921.78)
1,745,054.22
Endowment
Funds
£
1,910,245
(219,473)
1,690,772|Unrestricted
Funds
£
-
329,833.75
329,833.75
Unrestricted
Funds
£
-
312,134
312,134|Total
Funds
£
1,964,976.00
109,911.97| |---|---|---|---| ||||2,074,887.97| ||||Total
Funds
£
1,910,245
92,661| ||||2,002,906| Page 10